Qualified for credit card debt forgiveness? Do this next.

With the burden of stagnant inflation and higher interest rates causing the price of borrowing to surge in recent years, many Americans have turned to credit cards to make ends meet. And that's resulted in both a surge in credit card debt and a spike in delinquencies. If you're one of the millions who have been suffering from high-rate credit card debt — and watched it compound with interest over time — you may have already started exploring debt relief options. You may even qualify for credit card debt forgiveness, which can wipe out up to 50% of your existing debt.

Credit card debt forgiveness eligibility criteria are relatively straightforward. You'll generally need to be late on payments, have credit card debt at a minimum between $5,000 and $10,000, and have a financial hardship (think job loss, medical issue, divorce, etc.) that's currently preventing you from making your monthly payments as agreed upon. So if you've met those basic qualifications, many debt relief servicers will help you work toward reducing your debt. 

But qualifying is just the first step in the process. To expedite the forgiveness (it can take two to four years, on average), borrowers will need to know the next steps to move the process forward. Below, we'll break down three of them.

Learn how credit card debt forgiveness could reduce your debt balance here now.

What to do after qualifying for credit card debt forgiveness

Are you qualified for credit card debt forgiveness? That's the good news. But the journey toward regaining your financial independence doesn't end there. Here are the next steps to take to help make the process successful (and expedient):   

Gather documentation

Remember the financial hardship you're currently facing that allowed you to qualify for forgiveness in the first place? You're going to need to provide documentation demonstrating the issue and will likely need to do so multiple times to prove that it's an ongoing problem and not just a singular problem. 

So start gathering your documentation together now and, if needed, request documents that are not readily accessible to you (think financial statements and medical records). This will allow you to get ahead of any follow-up documentation requests and, ideally, cut the time down for a forgiveness program to go into effect.

Review your credit card debt forgiveness options online today.

Shop for servicers

Not every debt relief servicer that offers credit card debt forgiveness is the same. Some may have more stringent criteria than others while fees can vary greatly from one to another. But you won't know this until you start shopping around for servicers. 

It's also important to know the credit card debt forgiveness red flags to avoid, like charging exorbitant upfront fees. Being an informed user is always important, regardless of the service in question, but it's critical when working toward eliminating your debt. The use of the wrong program or servicer here could be the difference between improving your financial health — or making it worse. So take the time to shop around to find the right one for your needs.

Take a concurrent, personal approach

Just because you've qualified for credit card debt forgiveness doesn't mean you should avoid healthy spending habits. Now is actually the optimal time to apply them to form a wide-ranging approach toward boosting your financial health. So consider taking a concurrent, personal approach at the same time by revisiting the financial habits that caused you to get into the financial position you're in now. 

And look for ways to avoid that from recurring, too. Even simple items like moving toward a cash-spending lifestyle only or moving recurring bills from your credit card to your debit card can be helpful. That said, it helps to speak to your debt relief servicer to determine what exactly you should (and shouldn't be) doing on the side to avoid hurting your chances of forgiveness at the same time. 

The bottom line

Credit card debt forgiveness offers the path to financial relief that you need but it won't happen overnight or even over a few weeks. It's an extended journey that can be made smoother by understanding, and successfully implementing, the above steps post-forgiveness approval. By making these three moves borrowers can potentially make a bigger (and quicker) dent in their existing debt and, hopefully, work toward eliminating the burden for the long term.